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CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.
CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.
The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.
In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.
In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.
|Income before tax||95,982.62M||12,250.18M|
|Dividends Per Share||--||--|
|Operating cash flow||--||--|
|Currency in HKD||Currency in USD|
|Dec 2015||Dec 2016||Dec 2017||Dec 2018||Dec 2019|
|Income before tax||18,782.21M||-6,074.60M||41,922.78M||89,043.69M||95,982.62M|
|Dividends Per Share||0.50||0.35||0.50||0.70||--|
|Operating cash flow||96,207.79M||82,863.07M||106,575.20M||145,241.28M||--|
|Dec 2015||Dec 2016||Dec 2017||Dec 2018||Dec 2019|
|Income before tax||2,422.70M||-782.56M||5,379.66M||11,361.17M||12,250.18M|
|Dividends Per Share||0.06||0.04||0.06||0.08||--|
|Operating cash flow||12,409.78M||10,674.85M||13,676.08M||18,531.47M||--|
- Chief Executive Officer & Executive Director: Ke Qiang Xu
- President & Executive Director: Guang Jie Hu
- Chief Financial Officer: Wei Zhi Xie
- Joint Secretary & Compliance Officer: Xiaonan Wu
- Chief Safety Officer, EVP & GM-Exploration: Yu Hong Xie
- China State-Owned Assets Supervision & Admn Commission (64.4%)
- The Vanguard Group, Inc. (1.2%)
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- Capital Research & Management Co. (Global Investors) (0.3%)
- Address: 65th Floor, Bank of China Tower, 1 Garden Road, Hong Kong, Hong Kong
- Phone: +852.2213.2500
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